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Dec 28, 2012
12/12
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in just four days across-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't pass the bill, i would cost him $106. that has dad sean rasmussen worried. >> they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation government prices revert back to 1939 levels. back then the process was more laborious and farmers needed a higher subsidy to cover their costs. dan sumner says the new price of milk would be far above what it now costs dairy farmers to produce it. >> it really will be chaos. >> reporter: so we would go back to this old farm bill which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy
in just four days across-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't...
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Dec 25, 2012
12/12
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. >>> president obama is in hawaii for christmas. the president is expected to spend a quiet day with his family. with the president and congress on a short holiday break, there's been no movement on fiscal cliff negotiations. before he left washington, the president said he believes a deal could be made before the december 31 deadline. >>> u.s. troops celebrated their 12th consecutive christmas in afghanistan. service men and women attended a service at the nato base in kabul, sang some carols, then enjoyed a holiday dinner. >>> and coming up on the "morning news," he may be messy funny, jack klugman from "the odd couple "has died. a look back at his remarkable career. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. >>> firefighters in california battled a raging river yesterday to rescue a homeless man. he was living on an island in the los angeles river and got into trouble after a
. >>> president obama is in hawaii for christmas. the president is expected to spend a quiet day with his family. with the president and congress on a short holiday break, there's been no movement on fiscal cliff negotiations. before he left washington, the president said he believes a deal could be made before the december 31 deadline. >>> u.s. troops celebrated their 12th consecutive christmas in afghanistan. service men and women attended a service at the nato base in...
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Dec 27, 2012
12/12
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obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that would happen if there is no deal. after our wednesday conference call, house republican leaders issued a statement saying they were waiting for the democratic controlled senate. the house will take this action on whatever the senate can pass they said but the senate first must act. in a sign of public frustration over the lack of a deal the coffee giant starbucks is asking employees in approximately 120 washington area cafes to write the words "come together" on cups for drink orders. >> we just wanted to have a subtle message of coming together and everyo
obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that...
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Dec 26, 2012
12/12
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cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so now harry reid is believed to be crafting a plan of his own. it's expected to extend bush-era tax cuts. it would also include short-term spending cuts instead of the massive cuts that would occur if there is no deal. it would also patch up the alternative minimum tax that will hit even more middle class families and schedule a drop off for doctors. >> if republicans do give in and support the deal being put together by harry reid that deal is expected to be far less favorable than the potential deal they had been working on with president obama. >> republican strategist, frank luntz has been talking with vot
cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so...
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Dec 29, 2012
12/12
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president obama met with the four top leaders yesterday. he met for just over an hour. now, earlier in the fiscal cliff talks, meetings like this had tended to be tense and nonproductive but this meeting gave rise to hopes of a last-minute deal. for the first time in weeks president obama reported genuine progress to averting some part of the so-called fiscal cliff. >> i'm modestly in agreement we'll achieve. >> they're now chasing a much smaller deal than originally sought. the final product if there is one will not include trillions in debt reduction or federal spending or tax code reform. it won't even include across the board spending cuts. it will focus on tax rates and a few spending items. >> that's the bearare minimum we should be able to get done. >> sidelined for now. house speaker john boehner. as they left they sounded like they were closing in on a compromise. >> think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. >> we'll be working hard to try to see if we can get there in the next 24 h
president obama met with the four top leaders yesterday. he met for just over an hour. now, earlier in the fiscal cliff talks, meetings like this had tended to be tense and nonproductive but this meeting gave rise to hopes of a last-minute deal. for the first time in weeks president obama reported genuine progress to averting some part of the so-called fiscal cliff. >> i'm modestly in agreement we'll achieve. >> they're now chasing a much smaller deal than originally sought. the...
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Dec 26, 2012
12/12
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>>> president obama will cut his hawaiian vacation short today and return to washington to take part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy enough. but the day after christmas? it was unbelievable! cbs 5 reporter cate caugiran is in san leandro where after- christmas shopping has already started. >> reporter: yes, brian. it started at 5:00 this morning at the bay fair center in san leandro. according to a consumer reports poll about 1 in 7 adults will return a christmas gift so that's part of it. for the other part i'm joined live now with keith mchugh with the shopping center here braving the rain with us, as well. thank you so much for joining us. >> my pleasure. >> reporter: what brings shoppers out here the day after christmas? it's the holiday, you think
>>> president obama will cut his hawaiian vacation short today and return to washington to take part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy...
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Jan 1, 2013
01/13
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now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called fiscal cliff. >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> r if the bill eventually becomes law, the bush era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle-class fami
now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began...
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Dec 28, 2012
12/12
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that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime. cold temperatures are dipping below freezing now. look at fairfield, that's just dropped to 31 degrees. some people scraping some frost off their windshields this morning. 39 in vallejo. 35 santa rosa. so all that blue tells us it's chilly. and unfortunately by this afternoon, well, i guess it's fortunately if you like the cold weather, but it is going to be slightly cooler today than yesterday. a lot of low 50s. 52 santa rosa. only 50 in fairfield. a little more mild around the bay, 54 in oakland and fremont. as frank just mentioned, the rain, light rain set to hit the bay area friday after
that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime....
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Jan 1, 2013
01/13
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it's just disgusting. >> reporter: president obama wanted to dole with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. now, the house reconvenes at midday but lawmakers say, frank, they plan to study this bill hard before they take a vote. they say the senate has had months to get a bill passed and they are not going to rush to get anything done. >> there is word, tara, that some republican lawmakers are upset about something the president said. could that effect support of the bill? >> reporter: it might. president obama chastised in his speech congress for taking too long to get the deal done. but he also threw something out at republicans saying if they think that spending cuts is the only thing that's going to reduce the deficit, they have another thing coming and that basically references the $16.5 trillion in debt which is the next issue on the table. a lot of republicans were offended and it could antagonize enough o
it's just disgusting. >> reporter: president obama wanted to dole with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. now, the house reconvenes at midday but lawmakers say, frank, they plan to study this bill hard before they take a vote. they say the senate has had months to get a bill passed and they are not...
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Dec 28, 2012
12/12
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." >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in
." >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we...
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Jan 1, 2013
01/13
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that we're not where we need to be on revenue is disgusting. >> reporter: president obama wanted a bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. and the house reconvenes by midday today. a vote could also come today. >> tara, a lot of republicans weren't happy with the president's speech yesterday. is there any indication that that could affect the vote in the house? >> well, president obama during that speech criticized congress for taking too long to come up with this deal. he also laid the groundwork for another problem that's coming and that's basically burrough -- upping the country's burrough limit. republicans will no doubt try to use upping that in ex-kang for spending cuts. and to which the president said, they have another thing coming if they think that's going to be the case. spending cuts alone are not going to be able to reduce the country's deficit. so we have that coming. senator john mc
that we're not where we need to be on revenue is disgusting. >> reporter: president obama wanted a bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. and the house reconvenes by midday today. a vote could also come today. >> tara, a lot of republicans weren't happy with the president's...
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Dec 27, 2012
12/12
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they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter: negotiations between president obama and house republican leaders stalled last week. the house is now leaving it up to the democratic-controlled senate to solve the problem before the new year deadline. in addition to the "fiscal cliff," treasury secretary timothy geithner warned congress that the u.s. is close to hitting its debt limit of $16.4 trillion. geithner saved the government will take steps to allow more burrough after december 31. danielle nottingham, cbs news, washington. >>> let's look now at the markets. stocks fell sharply by 55 and change. the drop is attributed to consumer confidence fal
they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter:...
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Dec 28, 2012
12/12
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stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%. >>> news of more budget talks sent wall street on a roller coaster ride thursday. stocks ultimately ended the session lower for a fourth consecutive day. the dow lost 18 points. the nasdaq was down 4. >>> the clock is ticking until lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the sec
stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%....
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Dec 31, 2012
12/12
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hope of reaching a wide-ranging deal in automatic spending increases and tax cuts is all but gone. spending would be reduced and cuts would be felt in all areas of the government. economies have warned that going over the cliff would cause a spike in unemployment and trigger another recession. this morning the senate reconvenes with the aim of reaching a smaller deal, one that might spare millions of americans from paying her taxes. danielle nottingham reporting now from washington. >> lawmakers are still working on it. >> i want everyo one to know i' willing to get this done but i need dance partner. >> the main sticking point between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000 while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority i
hope of reaching a wide-ranging deal in automatic spending increases and tax cuts is all but gone. spending would be reduced and cuts would be felt in all areas of the government. economies have warned that going over the cliff would cause a spike in unemployment and trigger another recession. this morning the senate reconvenes with the aim of reaching a smaller deal, one that might spare millions of americans from paying her taxes. danielle nottingham reporting now from washington. >>...
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Dec 31, 2012
12/12
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mcconnell and biden get along much better than mcconnell does with president obama. in the last 24 hours, the administration has given ground on raising threshold for income tax rates and estate tax rates, but also demanded much more in new government spending the republicans are comfortable with. it's that division between spending and taxes that continues to divide both sides, and that is the one thing that may prevent a deal from being achieved in the final hours as we get nearer to the fiscal cliff. >> major garrett, thank you. senator is live on capitol hill. >> thanks for having me. >> if there's a deal today, why would you vote to extend tax cuts if there are no new spending cuts? >> that's the exact thing. the real problem is the spending. if you want to raise taxes -- and the president promised in the campaign he wanted to do that -- it's to pay down on the deficit. there's no evidence of any of that. that's a major sticking point. the democrats are divided on tax rates, on the death tax, on taxes on small business and the republicans are holding firm that y
mcconnell and biden get along much better than mcconnell does with president obama. in the last 24 hours, the administration has given ground on raising threshold for income tax rates and estate tax rates, but also demanded much more in new government spending the republicans are comfortable with. it's that division between spending and taxes that continues to divide both sides, and that is the one thing that may prevent a deal from being achieved in the final hours as we get nearer to the...
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Dec 26, 2012
12/12
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his plan would include short term spending cuts instead of long-term deals that had been sought. >>> from hawaii. comes word that president obama will cut short vacation and return to washington later today to take part in "fiscal cliff" negotiations. christmas day the president and first lady met with servicemembers and their families. the president told the marines he was grateful for their service and posed pour pictures. >>> recent college graduates are having a tough time getting jobs in their desired lines of work. according to the latest u.s. census figures about 2 60,000 young adults with college degrees in california are working in food service and retail. >> couldn't get a job in the field that i wanted to so i figured i have to start at the bottom. >> without higher paying jobs, it's that much harder for graduates to pay back student loans weapon tuition rising across the nation. >>> the holiday season isn't what it used to be for american oh. a new poll suggests a lot of people are working between christmas and new year's. the survey conducted in the midwest shows about a
his plan would include short term spending cuts instead of long-term deals that had been sought. >>> from hawaii. comes word that president obama will cut short vacation and return to washington later today to take part in "fiscal cliff" negotiations. christmas day the president and first lady met with servicemembers and their families. the president told the marines he was grateful for their service and posed pour pictures. >>> recent college graduates are having a...
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Jan 1, 2013
01/13
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president obama asking the house to pass it without delay. nancy cordes is on capitol hill this morning. good morning to you. >> reporter: good morning, terrell. technically we did go over the fiscal cliff at midnight this morning, but that is likely to be temporary if the house votes in favor of that bill later today. the senate as you mentioned, voted overwhelmingly around 2:00 in the morning by a vote of 89-8, almost all democrats and republicans voting yes on a deal that would make permanent the bush era tax cuts for people earning up to $400,000 a year and couples earning up to $450,000 a year. this was a deal that was worked out by vice president biden and senate leaders. the house speaker hasn't said that the house will definitely vote in favor of it today, but democrats at least are saying they expect almost all of their members to vote yes. terrell. >> nancy cordes on capitol hill. thank you so much. >>> secretary of state hillary clinton spent new year's eve in the hospital being treated for a blood clot in her skull. margaret brenn
president obama asking the house to pass it without delay. nancy cordes is on capitol hill this morning. good morning to you. >> reporter: good morning, terrell. technically we did go over the fiscal cliff at midnight this morning, but that is likely to be temporary if the house votes in favor of that bill later today. the senate as you mentioned, voted overwhelmingly around 2:00 in the morning by a vote of 89-8, almost all democrats and republicans voting yes on a deal that would make...